<p>The conventional life-cycle model predicts that households save prior to retirement and use their savings to finance consumption during retirement. Thus whether households dissave after retirement or at older ages is critical to the validity of life-cycle theory. This question is also of concern to policy makers as aggregate saving and investment, in Canada and elsewhere, may fall as the population ages. Many studies based on aggregate data for a cross-section of OECD countries provide support for the life-cycle hypothesis, since the data suggest that countries with a greater proportion of elderly people have lower household saving rates. On the other hand, most empirical research directed at household consumption and saving behaviour based on household data has found little evidence that supports the life-cycle hypothesis.</p> <p>The three essays comprising this thesis attempt to establish and explain the micro evidence on saving behaviour of older households, and also try to overcome some of the usual barriers to using cross-section survey data in empirical research in the field. All three essays employ Canadian FAMEX data from 1969 to 1992.</p> <p>Like much other research in the field, the empirical work reported in Essay 1 in this thesis provides evidence against the prediction of life-cycle theory that households dissave at older ages. It is found that the median saving rate for older households exhibits a distinct age pattern: it drops sharply at retirement age, but then rises, thereby forming a saving dip. The most important contribution of Essay 1 is to address two wellknown problems, cohort bias and differential mortality bias, arising from using crosssection survey data. Cohort bias is dealt with by forming a synthetic longitudinal sample from repeated cross-section data, and a new method is developed to correct the differential mortality for the age profile of the saving rate. However, the puzzle in the saving pattern of the elderly still remains after the corrections; the median saving rates are positive and rising with age after retirement.</p> <p>Essay 2 focuses on the estimation of the saving rate as a function of various income sources as well as age. During the transition from work to retirement, households experience a dramatic change in composition as well as in the level of their income. Following the permanent income hypothesis, if consumers have different perceptions of the permanence of different income sources, they would react differently to income changes, depending on which income component changed. The main finding of the essay is that, in the after-retirement period, the "pure" aging effect is solely responsible for the rising trend of the saving rate. However, for a given level of total income, higher pension income is associated with a higher saving rate, while higher transfer income is associated with higher consumption.</p> <p>Essay 3 examines the change in the composition of consumption demands as households age, and how the effects of three factors - age, total expenditure and retirement - contribute to this change. It is found that the "savings puzzle" comes largely because reductions in food consumption at home, private transportation expenditure and perhaps tobacco/alcohol spending due to age alone are larger than the offsetting age effect associated with an increase in gifts to other households by the elderly. On the other hand, for some reason, older households largely "obey" the cross-section income elasticities in reducing their consumption of most goods as their incomes fall with age.</p> / Doctor of Philosophy (PhD)

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The thesis describes individual forms of funds valorization and compares current savings products offered on the Czech market with respect to different parameters. The last part of the thesis shows the preferences of Czech households in funds valorization and the factors affecting their decision-making, based on survey results.

對於私部門儲蓄（private saving）之組成成分──公司儲蓄（cor- porate saving）與家庭儲蓄（household saving）間究竟存在著什麼樣 的互動關係，因涉及政府之租稅重分配政策是否可提升私部門儲蓄的課題 ，一直是關心資本形成的經濟學者所爭論的焦點。本文即希望透過 Granger- Sims檢定法則，首次透過因果關係的角度澄清兩者之間的關連 關係，確立可能存在的因果方向及型態，以作為政府施政時的參考。臺灣 地區之實證結果顯示：公司儲蓄(SC)、家庭儲蓄(SH)不論在所得稅負變數 是否存在下，均呈現同向之回饋因果關係。個體儲蓄決策過程中，超理 性 (ultra rationality)並不存在，一旦公司儲蓄、家庭儲蓄兩者之一有 所增減，必帶動另一者作同方向之變動，對整體私部門儲蓄率之變動只有 加劇而無抵消之效果。是故在所得稅負重分配政策的採行上，政府須審慎 考慮其對私部門資本形成所帶來之負面打擊。

Submitted by Fernanda Rampim Latronico (latronicofernanda@gmail.com) on 2017-08-24T19:17:02Z No. of bitstreams: 1 Dissertação 2108.pdf: 762360 bytes, checksum: eef548218915fdfd8082477b960e2fba (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-08-25T16:46:55Z (GMT) No. of bitstreams: 1 Dissertação 2108.pdf: 762360 bytes, checksum: eef548218915fdfd8082477b960e2fba (MD5) / Made available in DSpace on 2017-08-25T20:38:35Z (GMT). No. of bitstreams: 1 Dissertação 2108.pdf: 762360 bytes, checksum: eef548218915fdfd8082477b960e2fba (MD5) Previous issue date: 2016-08-16 / Balance expenses of families, governments and companies can bring sustainability on medium and long term for Brazil. Therefore, comprehending what could bring it to a balance, analyzed by the household savings, could be the base to form public policies strategies. In the light of this work, a sample of actual financial movement of users of the financial control application Minhas Economias was analyzed, for appointing which characteristics and behaviors of a individual could impact its savings rate, considering the hypothesis that planning and habituality could imply higher savings rates. Some of the results are in line with the theories of Dholakia et al. (2016) and Shefrin & Thaler (1988), attesting that habituality and planning could impact the families savings rate. Furthermore, it was possible to conclude that income and expenses, as well as its standard deviations, also generate, in level, significant statical impact over the savings rate. Furthermore, it was possible to conclude that income and expenses, as well as its standard deviations, also generate, in level, significant statical impact over the savings rate. However, longitudinal analysis showed that planning, measured by the dummy variable budget, loses significance. That fact can be explained due to the non-observable effects (fixed characteristics of each individual), and as it is controlled, the dummy has no longer an effect. Therefore, the budget can reveal something peculiar in the individual and that, certain way, is controlled in the panel. / Equilibrar os gastos das famílias, governos e empresas pode trazer sustentabilidade no médio e longo prazo para o Brasil. Desta forma, compreender o que pode levar a um equilíbrio, analisado pela poupança familiar, pode ser a base para formar estratégias de políticas públicas. Para a realização do trabalho, portanto, uma amostra de movimentação financeira real de usuários do aplicativo de controle financeiro Minhas Economias foi analisada, levando a entender quais características e comportamentos de um indivíduo podem impactar a sua taxa de poupança, trabalhando com a hipótese que planejamento e habitualidade podem fazer com este tenha maiores taxas de poupança. Alguns dos resultados obtidos corroboraram com as teorias de Dholakia et al. (2016) e Shefrin & Thaler (1988), que a habitualidade e planejamento podem impactar a taxa de poupança das famílias. Além disso, foi possível concluir que receitas e despesas, bem como seus desvios padrão, também geram impacto estatisticamente significativo sobre a taxa de poupança em nível. No entanto, quando da análise longitudinal observou-se que o planejamento, medido pela variável dummy orçamento, perde significância. Tal fato pode ter se dado devido aos efeitos não observáveis (características fixas de cada indivíduo), e ao haver controle sobre isso, a dummy não possui mais efeito. Desta forma, o orçamento pode revelar algo que está no indivíduo e que no painel é de certo modo controlado.

The main question this master thesis wants to answer is how much from their disposable income the Czech households save and how do they use their savings on the capital market. The thesis analyse situation and trend of the Czech households saving rate, changings of the marginal saving rate and checks in which financial instruments the Czech households alocate their savings. The thesis also focus on comparison of the Czech households data with the foreign households especially with the German, the Belgium and the Britain households as well as with Visegrád group households. Middle part of the thesis contains a forecast of future progress, which is compared with the similar forecast from year 2006, as well as the relationship of the government and the household's savings rate and possibilities and impacts of its regulation.The thesis is finished with the conclusion which summarize the most important results.

The savings ratio for Swedish households is record-breaking and Sweden, together with the rest of the world, is currently in the middle of a pandemic. What drives individuals to save is based on a number of different factors that previous research has concluded. The purpose of this study is to, with previous research as a basis, investigate which factors affect the savings ratio for Swedish households. Quarterly data for the years 1982–2020 is analyzed in a time series by first processing for unit roots and then cointegration. The data is then estimated in a multiple linear regression in the form of an “Error Correction Model”, with the intention of investigating both the short-term and long-term relationship. The results of the study indicate that the variables that have a significant impact on the change in the household savings ratio are GDP per capita, inflation, unemployment and consumption, while public savings and the development of the stock market have a significant but less considerable effekt. The economic theories that the study findssupport for are the theory of precautionary savings as well as the standard buffer-stock model. / Sparkvoten hos svenska hushåll är rekordhög och Sverige, tillsammans med resten av världen, befinner sig för närvarande mitt i en pandemi. Vad som driver individer till att spara grundar sig i en rad olika faktorer som tidigare forskning kommit fram till. Syftet med denna studie är att, med tidigare forskning som grund, undersöka vilka faktorer som påverkar sparkvoten för svenska hushåll. Kvartalsdata för åren 1982–2020 analyseras i en tidsserie genom att först behandlas för enhetsrötter och sedan kointegration. Därefter skattas de i en multipel linjär regressionsanalys i form av en ”Error Correction Model”, med avsikt att utreda både det kortsiktiga- och långsiktiga sambandet. Resultatet av studien indikerar att de variabler som har en signifikant betydande påverkan på förändringen i hushållens sparkvot är BNP per capita, inflation, arbetslöshet samt konsumtion, medan offentligt sparande och utveckling av aktiemarknaden har en signifikant men mindre betydande effekt. De ekonomiska teorier som studien finner stöd i är teorin om försiktighetssparandet samt standard buffertlager-modellen.

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